Stocks Are Falling

The sell-off, albeit modest, has picked up in the last few minutes.

Minneapolis Fed President Narayana Kocherlakota is speaking in Minnesota right now.

The dovish Fed official is reiterating his endorsement of a lower unemployment rate threshold to guide monetary policy.

"In previous speeches, I've recommended that the FOMC announce its intention to keep the fed funds rate extraordinarily low at least until the unemployment rate falls below 5.5 percent [instead of 6.5 percent], as long as the one-to-two-year-ahead outlook for the inflation rate stays below 2.5 percent," he said. "A recent working paper by senior Board of Governors staff suggests that this policy stance could indeed have material benefits in terms of the evolution of prices and employment."